Saturday, 16 Jul 2011
ASX listed African coal explorer Mozambi Coal has entered into a memorandum of understanding with Mozambican company Xiluva Mineral Resources to acquire 80% of a coal exploration licence in Tete province for USD 1.75 million.
The exploration licence covers an area of 224 square kilometers in the undeveloped Zambeze coal basin 115 kilometer west of the city of Tete. The concession has a target mineralization of 1.86 to 2.32 billion tonne over a 25.8 square kilometer area of the Lower Karoo coal bearing sediments.
To fund the acquisition and initial exploration, Mozambi has raised USD 1.875 million through a private placement with its major shareholder Polo Resources.
Mozambi holds a 70% interest in two other mineral exploration licenses in the Zambeze coal basin.
(sourced from coalportal)
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